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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2021
Stockholders Equity Note [Abstract] |
Stockholders' Equity |
1 8. | Stockholders’ Equity
The authorized capital stock of Devon consists of 1.0 billion shares of common stock, par value $0.10 per share, and 4.5 million shares of preferred stock, par value $1.00 per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors. Share Repurchase Program Devon announced a share repurchase program initially in 2018 that was later expanded to $5.0 billion with a December 31, 2019 expiration date. In December 2019, Devon announced a share repurchase program of $1.0 billion with a December 31, 2020 expiration date. In November 2021, Devon announced a new share repurchase program of $1.0 billion with a December 31, 2022 expiration date. In February 2022, the Board of Directors authorized an expansion of the share repurchase program to $1.6 billion. The table below provides information regarding purchases of Devon’s common stock that were made under the respective share repurchase programs (shares in thousands).
$5.0 Billion Plan (Closed) |  | Total Number of Shares Purchased |  |  | Dollar Value of Shares Purchased |  |  | Average Price Paid per Share |
2018 |  |  | 78,149 |  |  | $ | 2,978 |  |  | $ | 38.11 |
2019 |  |  | 68,625 |  |  |  | 1,827 |  |  |  | 26.62 |
Total |  |  | 146,774 |  |  | $ | 4,805 |  |  | $ | 32.74 |
$1.0 Billion Plan (Closed) |  |  |  |  |  |  |  |  |  |  |  |
2020 |  |  | 2,243 |  |  | $ | 38 |  |  | $ | 16.85 |
Total |  |  | 2,243 |  |  | $ | 38 |  |  | $ | 16.85 |
$1.6 Billion Plan (Open) |  |  |  |  |  |  |  |  |  |  |  |
2021 |  |  | 13,983 |  |  | $ | 589 |  |  | $ | 42.15 |
Total |  |  | 13,983 |  |  | $ | 589 |  |  | $ | 42.15 |
Dividends Upon completion of the Merger, Devon continued its commitment to pay a quarterly dividend at a fixed rate and instituted a variable quarterly dividend, which is dependent on quarterly cash flows, among other factors. The following table summarizes the dividends Devon has paid on its common stock in 2021, 2020 and 2019, respectively.
| Fixed |  |  | Variable/Special |  |  | Total |  |  | Rate Per Share |
2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First quarter | $ | 76 |  |  | $ | 127 |  |  | $ | 203 |  |  | $ | 0.30 |
Second quarter |  | 75 |  |  |  | 154 |  |  |  | 229 |  |  | $ | 0.34 |
Third quarter |  | 74 |  |  |  | 255 |  |  |  | 329 |  |  | $ | 0.49 |
Fourth quarter |  | 73 |  |  |  | 481 |  |  |  | 554 |  |  | $ | 0.84 |
Total year-to-date | $ | 298 |  |  | $ | 1,017 |  |  | $ | 1,315 |  |  |  |  |
2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First quarter | $ | 34 |  |  | $ | — |  |  | $ | 34 |  |  | $ | 0.09 |
Second quarter |  | 42 |  |  |  | — |  |  |  | 42 |  |  | $ | 0.11 |
Third quarter |  | 43 |  |  |  | — |  |  |  | 43 |  |  | $ | 0.11 |
Fourth quarter |  | 41 |  |  |  | 97 |  |  |  | 138 |  |  | $ | 0.37 |
Total year-to-date | $ | 160 |  |  | $ | 97 |  |  | $ | 257 |  |  |  |  |
2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First quarter | $ | 34 |  |  | $ | — |  |  | $ | 34 |  |  | $ | 0.08 |
Second quarter |  | 37 |  |  |  | — |  |  |  | 37 |  |  | $ | 0.09 |
Third quarter |  | 35 |  |  |  | — |  |  |  | 35 |  |  | $ | 0.09 |
Fourth quarter |  | 34 |  |  |  | — |  |  |  | 34 |  |  | $ | 0.09 |
Total year-to-date | $ | 140 |  |  | $ | — |  |  | $ | 140 |  |  |  |  |
In February 2022, Devon announced a cash dividend in the amount of $1.00 per share payable in the first quarter of 2022. The dividend consists of a fixed quarterly dividend in the amount of approximately $106 million (or $0.16 per share) and a variable quarterly dividend in the amount of approximately $557 million (or $0.84 per share). Devon raised its fixed quarterly dividend by 45%, to $0.16 per share, beginning in the first quarter of 202 2. Devon also increased its fixed quarterly dividend rate in the second quarter of 2020 and 2019 from $0.09 to $0.11 and from $0.08 to $0.09, respectively. In the fourth quarter of 2020, Devon paid a $97 million (or $0.26 per share) special dividend. Noncontrolling Interests The noncontrolling interests’ share of CDM’s net earnings and the contributions from and distributions to the noncontrolling interests are presented as components of equity.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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